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Bond Sales - Recent Issues

Note: All bond issues are tax exempt unless otherwise noted in Title of bond issue.

General Revenue Bonds, Series P

Official Statement - Series P PDF 

Par Amount: $1,024,320,000

New Money Generated: $300,000,000

Closing Date: February 15, 2024

Dated Date: February 15, 2024

First Maturity: 01/01/2025

Final Maturity: 01/01/2054

Interest Payment Dates: July 1 and January 1, commencing July 1, 2024

Call Provisions: 07/01/2034 @ 100%

TIC (True Interest Cost): 3.686754%

Purpose of Issue: (i) To fund a portion of the Authority’s multi-year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series P Bonds, (iv) refund certain outstanding Bonds, (v) purchase, through a voluntary tender process, certain outstanding Bonds, and (vi) pay the Costs of Issuance of the Series P Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail– 01/29/2024
Institutional – 01/30/2024
Award –01/31/2024

Insured by: None

Ratings:
Moody’s = A1/Positive
S&P = A+/Stable

Bookrunner:  J.P. Morgan

Co-Coordinating Manager: Siebert Williams Shank & Co., LLC

Co-Senior Managers:
BofA Securities
Goldman Sachs & Co. LLC
Jefferies
RBC Capital Markets
Wells Fargo Securities

SDVOB Managers:
Academy Securities, Inc.
AmeriVet Securities, Inc.
Drexel Hamilton, LLC

Co-Managers:
Barclays
Loop Capital Markets
Ramirez & Co., Inc.
Raymond James

Bond Counsel: Hawkins Delafield & Wood LLP

Underwriters’ Counsel: Harris Beach PLLC

Financial Advisor:  Public Resources Advisory Group

Co-Financial Advisor:  Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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2022A State Personal Income Tax Revenue Bonds

Official Statement - Series 2022AB PDF 

Par Amount:  $2,028,105,000

New Money Generated:  $1,850,000,000

Closing Date:  07/28/2022

Dated Date:  07/28/2022  

First Maturity:  03/15/2023

Final Maturity:  03/15/2052

Interest Payment Dates:  March 15 and September 15, commencing September 15, 2022

Call Provisions:  03/15/2032 @ 100%

TIC (True Interest Cost): 3.942987%

Purpose of Issue: (i) financing, refinancing or reimbursing all or a portion of the costs of certain programs and projects within the State, (ii) refinancing certain State-supported debt previously issued by the Authority, (iii) repaying certain obligations relating to the PASNY’s energy efficiency program, and (iv) paying certain costs relating to the issuance of the Series 2022A Bonds.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.

Pricing Date: 
07/13/2022
Award – 07/13/2022

Ratings:   
S&P = AA+
Fitch= AA+

Co-Bond Counsel:            
Nixon Peabody
D. Seaton and Associates, P.A., P.C.

Co-Financial Advisors:    
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC

Trustee: The Bank of New York Mellon

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2022B State Personal Income Tax Revenue Bonds

Official Statement - Series 2022AB PDF 

Par Amount:  $141,800,000

New Money Generated:  $0.00

Closing Date:  07/28/2022

Dated Date:  07/28/2022

First Maturity:  03/15/2024

Final Maturity:  03/15/2028

Interest Payment Dates:  March 15 and September 15, commencing September 15, 2022

Call Provisions:  03/15/2032 @ 100%

TIC (True Interest Cost): 3.664625%

Purpose of Issue: (i) repaying certain obligations relating to the PASNY's energy efficiency program, and (ii) paying certain costs relating to the issuance of the series 2022B bonds.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.

Pricing Date: 
07/13/2022
Award – 07/13/2022

Ratings:   
S&P = AA+
Fitch= AA+

Co-Bond Counsel:            
Nixon Peabody
D. Seaton and Associates, P.A., P.C.

Co-Financial Advisors:    
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC

Trustee: The Bank of New York Mellon

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2022C State Personal Income Tax Revenue Green Bonds (Climate Bond Certified)

Official Statement - Series 2022C PDF 

Par Amount:  $732,305,000.00

New Money Generated:  $750,000,000.00

Closing Date:  07/28/2022

Dated Date:  07/28/2022 

First Maturity:  03/15/2052

Final Maturity:  03/15/2057

Interest Payment Dates:  March 15 and September 15, commencing September 15, 2022

Call Provisions:  03/15/2032 @ 100%

TIC (True Interest Cost): 4.446505%

Purpose of Issue: (i) To finance, refinance or reimburse all or a portion of the costs of transportation projects for the Metropolitan Transportation Authority, and (ii) pay certain costs relating to the issuance of the Series 2022C Bonds.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.

Pricing Date: 
07/21/2022
Award – 07/21/2022

Ratings:   
S&P = AA+
Fitch= AA+

Co-Bond Counsel:            
Nixon Peabody
D. Seaton and Associates, P.A., P.C

Co-Financial Advisors:    
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC

Trustee: The Bank of New York Mellon

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General Revenue Bonds, Series O

Official Statement - Series O PDF 

Par Amount: $549,480,000

New Money Generated: $450,000,000

Closing Date: October 7, 2021

Dated Date: October 7, 2021

First Maturity: 01/01/2023

Final Maturity: 01/01/2051

Interest Payment Dates: July 1 and January 1, commencing January 1, 2022

Call Provisions: 07/01/2031 @ 100%

TIC (True Interest Cost): 2.749486%

Purpose of Issue: (i) To fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series O Bonds, (iv) refund certain outstanding bonds, and (v) pay the Costs of Issuance of the Series O Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Competitive Sale – 09/23/2021
Award – 09/23/2021

Insured by: None

Ratings:
Moody’s = A1
S&P = A

Group 1 Bond Purchaser: Barclays Capital Inc.

Par Amount: $261,985,000

Bond Maturities: 01/01/2023 – 01/01/2041

Group 2 Bond Purchaser: JPMorgan Securities, LLC

Par Amount: $290,065,000

Bond Maturities: 01/01/2042 – 01/01/2051

Bond Counsel: Harris Beach PLLC

Co-Financial Advisor: Public Resources Advisory Group and Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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2021A State Personal Income Tax Revenue Bonds (Transportation)

Official Statement - Series 2021A PDF 

Par Amount:  $1,954,570,000

New Money Generated:  $2,000,000,000

Closing Date:  07/28/2021

Dated Date:  07/28/2021  

First Maturity:  03/15/2023

Final Maturity:  03/15/2059

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2022

Call Provisions:  03/15/2031 @ 100%

TIC (True Interest Cost): 2.625416%

Purpose of Issue:  (i)(A)To make grants to reimburse municipalities and other project sponsors throughout the State for qualifying capital expenditures for highway, bridge, and multi-modal projects in furtherance of established State aid programs, and (B) to finance or reimburse all or a portion of the costs of capital projects for transportation initiatives and certain projects related to the Metropolitan Transportation Authority, and (ii) to refund certain State Personal Income Tax Revenue Bonds previously issued by the Authority, and to pay certain costs relating to the issuance of the Series 2021A Bonds. The proceeds also may be used to finance other transportation projects as permitted under the program legislation and State Transportation Revenue Bond Resolution.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.

Pricing Date: 
07/20/2021
Award – 07/20/2021

Ratings:   
S&P = AA+
Fitch= AA+

Co-Bond Counsel:            
Harris Beach PLLC
Hardwick Law Firm, LLC

Co-Financial Advisors:    
Public Resources Advisory Group, Inc. (PRAG)
Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Bonds, Series N

Official Statement - Series N PDF 

Par Amount: $450,000,000

New Money Generated: $450,000,000

Closing Date: March 5, 2020

Dated Date: March 5, 2020

First Maturity: 01/01/2033

Final Maturity: 01/01/2050

Interest Payment Dates: July 1 and January 1, commencing July 1, 2020

Call Provisions: 01/01/2030 @ 100%

TIC (True Interest Cost): 2.837811%

Purpose of Issue:  To fund a portion of the Authority’s Multi-Year Capital Program, make a deposit to the Senior Debt Service Reserve Fund, fund capitalized interest on the Series N Bonds, and pay the Costs of Issuance of the Series N Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Competitive Sale – 02/20/2020
Award – 02/20/2020

Insured by: None

Ratings:
Moody’s = A1/Stable
S&P = A/Stable

Group 1 Bond Purchaser: BofA Securities

Par Amount: $157,820,000

Bond Maturities: 01/01/2033 – 01/01/2040

Group 2 Bond Purchaser: JPMorgan Securities LLC

Par Amount: $292,180,000

Bond Maturities: 01/01/2041 – 01/01/2050

Bond Counsel: Harris Beach PLLC

Co-Financial Advisor: Public Resource Advisory Group and Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Junior Indebtedness Obligations, Series 2019B

Official Statement - Series 2019B PDF 

Par Amount: $1,693,245,000.00

New Money Generated: $75,000.00

Closing Date: October 30, 2019

Dated Date: October 30, 2019

First Maturity: 01/01/2021

Final Maturity: 01/01/2053

Interest Payment Dates: January 1 and July 1, commencing July 1, 2020

Call Provisions: 01/01/2030 @100%

TIC (True Interest Cost): 3.254181%

Purpose of Issue: (i) to refund outstanding Junior Indebtedness Obligations, (ii) to fund or reimburse approximately $75 million of costs related to the Authority’s New NY Bridge Project, (iii) to fund capitalized interest on the Series 2019B Junior Indebtedness Obligations, (iv) to purchase a Reserve Credit Facility for the Series 2019B Subaccount for the Junior Indebtedness Debt Service Reserve Account, and (v) to pay the Costs of Issuance incurred in connection with the issuance of the Series 2019B Junior Indebtedness Obligations, including the premium on the insurance policy for certain maturities of the Series 2019B Junior Indebtedness Obligations as set forth in the O.S.

Security: Pledge of revenues and certain funds and accounts established under the Junior Indebtedness Resolution.

Insured by:  Assured Guaranty Municipal Corp.

Pricing Dates: 
Retail – 10/16/19
Institutional – 10/17/19
Award – 10/17/19

Ratings:   
Moody's = A2/Stable
S&P = A- /Stable

Book-runner: Goldman Sachs & Co. LLC

Co-Coordinating Manager: Siebert Cisneros Shank & Co., LLC

Co-Senior Managers:  
Citigroup
Morgan Stanley
RBC Capital Markets
J.P. Morgan
Barclays
Co-Managers:        
Bank of America
Loop Capital Markets
Jefferies
Raymond James & Associates
Oppenheimer & Co.
Roosevelt & Cross, Inc.

Bond Counsel: Hawkins Delafield & Wood LLP

Underwriters' Counsel: Hawkins Delafield & Wood LLP

Financial Advisor: Public Resources Advisory Group

Trustee: The Bank of New York Mellon

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General Revenue Refunding Bonds, Series M

Official Statement - Series M PDF 

Par Amount: $857,625,000.00

New Money Generated: $0

Closing Date: October 30, 2019

Dated Date: October 30, 2019

First Maturity: 01/01/2024

Final Maturity: 01/01/2042

Interest Payment Dates: July 1 and January 1, commencing July 1, 2020

Call Provisions: See Official Statement – Description of Series M Bonds

TIC (True Interest Cost): 3.199855%

Purpose of Issue: To provide funds to refund certain of the Authority's outstanding bonds,  and to pay the Costs of Issuance of the Series M Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 10/16/19
Institutional – 10/17/19
Award – 10/17/19

Insured by: None

Ratings:
Moody’s = A1/Stable
S&P = A/Stable

Bookrunner: Citigroup

Co-Coordinating Manager: Loop Capital Markets

Co-Senior Managers:  
Bank of America
Goldman Sachs
Morgan Stanley & Company, Inc.

SDVOB Managers:  
Academy Securities, Inc.
Drexel Hamilton, LLC

Co-Managers:        
BNY Mellon
Cabrera Capital Markets, LLC
Raymond James & Associates
Ramirez and Co., Inc.

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Underwriters' Counsel: Harris Beach PLLC

Financial Advisor: Public Resource Advisory Group

Co-Financial Advisor: Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Refunding Bonds, Series L

Official Statement - Series L PDF 

Par Amount: $596,220,000

New Money Generated: $0

Closing Date: March 8, 2018

Dated Date: March 8, 2018

First Maturity: 01/01/2019

Final Maturity: 01/01/2037

Interest Payment Dates: July 1 and January 1, commencing July 1, 2018

Call Provisions: 01/01/2028 @ 100%

TIC (True Interest Cost): 3.1950%

Purpose of Issue: To provide funds to refund the Authority's General Revenue Bonds, Series H and to pay the Costs of Issuance of the Series L Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 02/28/18
Institutional – 03/01/18
Award – 03/02/18

Insured by: None

Ratings (Moody's & S&P):
A2/A (uninsured)

Bookrunner: RBC Capital Markets

Co-Coordinating Manager: Ramirez & Co., Inc.

Co-Senior Managers:  
Morgan Stanley
Siebert Cisneros Shank & Co, LLC

SDVOB Managers:  
Academy Securities
Drexel Hamilton, LLC

Co-Managers:        
Oppenheimer & Co.
Roosevelt & Cross Incorporated
Stifel
The Williams Capital Group

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Underwriters' Counsel: Harris Beach PLLC

Financial Advisor: Public Resources Advisory Group

Co-Financial Advisor: Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Junior Indebtedness Obligations, Series 2016A

Official Statement - Series 2016A PDF 

Par Amount: $850,000,000

New Money Generated: $857,884,728.34

Closing Date: May 12, 2016

Dated Date: May 12, 2016

First Maturity: 01/01/2021

Final Maturity: 01/01/2056

Interest Payment Dates: January 1 and July 1, commencing January 1, 2017

Call Provisions: 01/01/2026 @ 100%

TIC (True Interest Cost): 3.9382%

Purpose of Issue: (i) to fund a portion of the cost of the Authority's New NY Bridge Project twin-span replacement of the Tappan Zee Bridge, (ii) to pay capitalized interest on the Series 2016A Junior Indebtedness Obligations, (iii) to make a deposit to the Series 2016A Subaccount of the Junior Indebtedness Debt Service Reserve Account, and (iv) to pay the Costs of Issuance of the Series 2016A Junior Indebtedness Obligations.

Security: Pledge of revenues, on a subordinate basis, and certain funds and accounts established under the Junior Indebtedness Resolution.

Pricing Dates: 
Retail – 05/04/16
Institutional – 05/04/16
Award – 05/05/16

Ratings:   
Moody's = A3 (Stable)
S&P = A- (Stable)

Book-runner: Citigroup

Co-Coordinating Manager: Siebert Brandford Shank & Co., LLC

Co-Senior Managers:  
BofA Merrill Lynch
Morgan Stanley
Ramirez & Co., Inc.

Co-Managers:
Fidelity Capital Markets
Goldman, Sachs & Co.
Janney Montgomery Scott
RBC Capital Markets
Roosevelt & Cross, Incorporated                                                                                                 
Wells Fargo Securities

Bond Counsel: Harris Beach PLLC

Underwriters' Counsel: Hawkins Delafield & Wood LLP

Financial Advisor: Public Resources Advisory Group

Trustee: The Bank of New York Mellon

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General Revenue Refunding Bonds, Series K

Official Statement - Series K PDF 

Par Amount: $743,865,000

New Money Generated: $0

Closing Date: December 17, 2014

Dated Date: December 17, 2014

First Maturity: 01/01/2019

Final Maturity: 01/01/2032

Interest Payment Dates: July 1 and January 1, commencing July 1, 2015

Call Provisions: 01/01/2025 @ 100%

TIC (True Interest Cost): 3.4031%

Purpose of Issue: To provide funds to refund a portion of the Authority's General Revenue Bonds, Series F, Series G and Series I and to pay the Costs of Issuance of the Series K Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 12/02/14
Institutional – 12/03/14
Award – 12/04/14

Insured by: Assured Guaranty Municipal Corp has insured payment of the bonds maturing on January 1, 2028 (5% rate, 2.88% yield, CUSIP #650009H30), January 1, 2031 (4% rate, 3.26% yield, CUSIP #650009H63) and January 1, 2031 (5% rate, 3.07% yield, CUSIP #650009H71).

Ratings (Moody's & S&P):
A2/A (uninsured)
A2/AA (insured)

Bookrunner: Goldman, Sachs & Co.

Co-Coordinating Manager: Ramirez & Co., Inc.

Co-Senior Managers:  
Citigroup
Wells Fargo Securities

Co-Managers:        
CastleOak Securities, L.P.
Janney Montgomery Scott
Loop Capital Markets
TD Securities

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Co-Bond Counsel: Hardwick Law Firm, LLC

Underwriters' Counsel: Nixon Peabody LLP

Financial Advisor: Public Resources Advisory Group

Trustee: The Bank of New York Mellon

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